Investors

Smith+Nephew is a portfolio medical technology company focused on the repair, regeneration and replacement of soft and hard tissue.

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We are a portfolio medical technology business focused on the repair, regeneration and replacement of soft and hard tissue. We exist to restore people’s bodies and their self-belief by using technology to take the limits off living. 

We operate in more than 100 countries worldwide. We are a constituent of the UK’s FTSE100 and our shares are traded in London and New York. We have a progressive dividend policy and have paid a dividend to shareholders every year since 1937.

We develop and produce pioneering products across our three business units: Advanced Wound Management, Sports Medicine & ENT and Orthopaedics.

In December 2025, we announced our strategy, RISE.

The RISE strategy is designed to drive stronger returns for shareholders by elevating our financial and operational performance to new levels by raising the standard of care within our segments and reaching more patients with our continued focus on innovation. This new strategy builds on the success of the 12-Point Plan, announced in 2022, through which we have transformed into a stronger, more agile, and higher growth company.

RISE has four elements:

  • To REACH more patients by driving adoption of our differentiated portfolio and taking share across indications, settings and markets worldwide.
  • To INNOVATE to enhance the standard of care through accelerating new product launches and rapidly scaling existing innovation platforms.
  • To SCALE through strategic investment, allocating capital to high return and high growth opportunities aligned to our portfolio priorities.
  • To EXECUTE efficiently, driving enterprise productivity and asset efficiency to expand our margins and returns.

Quarterly Results

View all previous quarterly results.

Q3 2025 Trading Report Webcast

We released our Q3 2025 Trading Report on 6 November 2025. 

A replay of the live presentation is available at the link below.

Register to watch

Financial calendar

Capital Markets Days

We held Capital Markets Days for institutional investors and financial analysts in London and New York in December.

London
8 December 2025
Royal College of Surgeons, London

Watch a replay of the 8 December webcast
Download the presentation

New York
11 December 2025
New York Stock Exchange, New York

Watch a replay of the 11 December webcast
Download the presentation

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Annual General Meeting

The Annual General Meeting (AGM) was held on Wednesday 30 April 2025 at Smith+Nephew Academy London, Building 5, Croxley Park, Hatters Lane, Watford, WD18 8YE.

Current and past AGM Notices of Meeting and Poll Results


AGM Notice of Meeting AGM Poll Results Archive

Reports + Presentations

View the previous reports and presentations

News and Announcements


See our RNS announcements to the London Stock Exchange

Capital Allocation Framework

1. Invest

  • Innovation to drive organic growth
  • Sustainability targets and further embed our ESG agenda

2. Acquire

  • New technologies and expand in high growth segments with strong strategic fit and meet our financial criteria

3. Maintain 

  • Optimal balance sheet position: 
    • Investment grade credit ratings
    • Leverage ratio of around 2x
  • Dividend:
    • 2024: Consistent with recent years at $37.5c for full year with an interim payment of $14.4c
    • 2025 onwards: Progressive with a payout ratio of around 35% - 40%
    • Interim payment of 40% of prior full year dividend

4. Return 

  • Surplus capital to shareholders through a regular annual buyback.
  • Share buyback subject to balance sheet
Capital Allocation Framework 2024-01.svg

Analyst Coverage

A number of leading sellside analysts cover our company and regularly write about us. 

Analyst Company  City
Virendra Chauhan AlphaValue Paris
Julien Ouaddour Bank of America  London 
Hassan Al-Wakeel Barclays London
Sam England Berenberg Bank London
Caitlin Roberts Canaccord Genuity  New York 
Veronika Dubajova Citi London
Kane Slutzkin Deutsche Bank London
Richard Felton Goldman Sachs  London 
Julien Dormois Jefferies Paris 
David Adlington J P Morgan Cazenove London
Christophe Dombu Kepler Cheuvreux Paris
Seb Jantet Liberum  London
Aisyah Noor Morgan Stanley London 
Oliver Metzger ODDO BHF Frankfurt
Jack Reynolds-Clark RBC London
Ed Ridley-Day  Redburn London
Dylan Van Haaften Stifel  London 
Graham Doyle  UBS London

Analyst consensus

The financial forecasts appearing on this part of our website have not been prepared by and are not endorsed by Smith+Nephew.

The financial forecasts are made available only to users for the express purpose of assisting with financial research.

Smith+Nephew has not and will not comment on any of the individual financial forecasts used to generate the information contained herein. Smith+Nephew assumes no obligation to update or revise or otherwise comment on any of the information contained in these forecasts to take account of events or circumstances existing after the stated date of any forecast.

Financial forecasts are, by definition, forward looking and are therefore subject to various risks and uncertainties which are subject to change at any time. In the event that such risks or uncertainties materialise, Smith+Nephew's results could be materially affected.

Smith+Nephew is not regulated by the Financial Conduct Authority and cannot offer investment advice. Nothing contained herein is intended to be or should be taken to be a "financial promotion" within the meaning of section 21 of the Financial Services and Markets Act 2000. Nothing contained herein should be taken as a recommendation to buy or sell shares in Smith+Nephew or to take or refrain from taking any other action or place any reliance on any of the information contained herein.

Neither Smith+Nephew, nor any of its subsidiaries, subsidiary undertakings, parent or parent undertakings, nor any director, officer, employee or advisor of any of them accept any responsibility for the accuracy of any of the information contained herein.

The information contained herein does not constitute an invitation or solicitation of an offer to subscribe or purchase any securities and shall not form the basis for any contract or commitment whatsoever. Neither Smith+Nephew nor any of its subsidiaries, subsidiary undertakings, parent or parent undertakings, nor any director, officer, employee or advisor of them shall have any liability whatsoever for the direct or indirect consequences of any action or inaction by any person in connection with the information contained herein.

Analyst consensus as at 10 September 2025

# Analysts: 12

 

Q3 2025   Average Median Range
Revenue (USD, m)  1,512 1,512 1,490 - 1,536
Underlying growth (%) 6.2% 6.1%  4.5% - 8.0% 

 

 

H2 2025  Average Median  Range
Revenue (USD, m)  3,184 3,180 3,161 - 3.221
Underlying growth (%) 5.3% 5.3%  4.4% - 6.5% 
Trading profit (USD, m) 675 676 650 - 701
Trading margin 21.2% 21.2% 20.5% - 21.8% 
 EPSA (USD, cents) 57.7 57.2  56.0 - 61.0 

 

 

FY 2025 Consensus  Average Median  Range
Revenue (USD, m)  6,146 6,140 6,124 - 6,182
Underlying growth (%) 5.2% 5.2%  4.8% - 5.7% 
Trading profit (USD, m) 1,200 1,201 1,179 - 1,224
Trading margin 19.5% 19.5% 19.2% - 19.8% 
EPSA (USD, cents) 100.5 100.0 98.0 - 104.0 

 

Credit Ratings

Smith+Nephew has solicited credit ratings from Moody’s and S&P, which are assigned as:

  Moody's  S&P 
Long-term rating Baa2 BBB+
Outlook Stable Stable

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